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I'm not a trader, not interested in in house research, fancy trading platforms and bells & whistles. Can some suggest some good and competitive broker for
online/phone trading?
I am sub-broker of sushil financial services. I can provide you brokerage of .2% on Del and if any one trader then u can get.001% for intraday.
You will get benefit of online trading with odin and u can trade offline also.
I checked HDFC sec it is showing 0.5% brokerage along with STT, Service Tax, NSE Turnover and Transaction Charges, SEBI charges will come around
0.75%. You mentioned only 0.25%?
I spoke with SAS people and it is definitely cheaper than Religare. We can't place order before market hours in web platform, Good till cancelled not
available (only intra day orders) and no demat account (would it be difficult to sell/buy and get the thing transferred to my demat)? They scheduled a demo and lets
see how it goes.
Thanks for the heads up.
since I own HDFC Bank as well as HDFC and got a taste of how hard they try for cheap source of CASA funds.
Another thing is Religare (0.6% brokerage) gives time to transfer fund (T+5) so I don't need to transfer funds in advance to trade. SASonline asks to have balance in
account before trading, right. Considering these facts and my low volume trading as forever holder to securities, I think Religare is OK or Kotak/HDFC if they offer a
3 in 1 account at good brokerage.
I immediately want to switch to some better brokerage house with better brokerage charges and bug free trading platform which can be handy in opportunistic
buying/selling for delivery in scattered manner. I think it's a very nice feature to have GTC feature.
Based on Samir's input, I've asked for a demo from SASonline guys...let's see how it goes. Need to understand more as to how they link up demat and bank acc.
@ Samir,
I spoke to ICICI Direct and they agreed for 0.3% brokerage for delivery with a privilege account (don't know what it does). Should I go for it? I like the GTC feature,
good interface, free phone trading, etc. I was put off by maintaining minimum balance. Do I need to have funds in my bank account before placing order? Religare
gives me T+7 days to settle payment. This is important as I may redeem units from my MF holdings (2 times my equity portfolio) and it takes T+3 days for payment.
Also I spoke with Geojit. They agreed for 0.25% (0.2% from 4th month) but issue is I've to place order in BTST mode to have differed payment of T+5. The branch
head started giving me "tips" though I told him I was not interested in tips or stock picks. Not sure if I can trust them.
I am really surprised that Religare allows T+7 to settle payment, For one, the exchange is on T+1, so in effect the broker is funding you!!. Also, they run great risk.
If you don't pay on T+7, and in those 7 days if the value of your purchases have fallen, they become liable for the difference, Pls check as to what the catch is here,
Do they take some collateral or deposit in advance?
@aksh, the way the bank account works with sasonline is as follows. You need to transfer the money to your broking account at sasonline through NEFT. They allow
you to keep trading till your balance (100% deduction for cash and carry, and appropriate margin for margin trades and derivatives) is above zero. For margin trades,
they also automatically give you around 50% collateral value for the stocks lying in your beneficiary account.
You can transfer money to your broking account by NEFT transfer from your designated bank account, or through Atom, which is an online payments service. Atom
charges ten rupees per transfer. My banks don't charge me for neft transfers.
After you finish trading for the day, you can request for a payout for the excess money in your account(including credit from sales). Pay out requests upto 5.30 pm
into Hdfc bank accounts are credited the same day. If you use another bank, you get credit the next day. So with an HDFC bank account you get the float. With other
banks, they get the float.
This process is simple and reliable, though a little crafty(you need to log on to their back office).
The stocks you purchase with Sasonline lie in your client beneficiary account. You can sell them directly through sasonline. If you wish to transfer them to your linked
demat account, you need to log on to the back office, and request transfer. It takes two days for the stocks to get credited to your demat account from your client
beneficiary account. As such,you could just keep them in your client beneficiary account, but I transfer the shares I intend to keep for a relatively long time (i.e.
more than 6 months) to my demat account. Just safer that the broker does not have access to them.
If you want to sell shares in your demat account, you need to send a slip to your DP mentioning that you want to transfer shares from your DP to your client
beneficiary account. If you have a demat account =with sasonline, the process is simpler I guess. But my DP is HDFC, and so I need to send a slip with the shares and
quantities to my bank. In my case, the RM comes along and picks it up. But I still have to call her. So I simply keep the shares I am likely to sell in my client
beneficiary account. This makes the process simpler.
OK, so religare in effect uses your existing securities as collateral. The disadvantage is of course, that you can't sell these in a hurry, but I guess that is ok.
Exactly the same system is followed by Kotak Securities too, in a 3 in 1 account. I could negotiate them down to 0.25% too. They also have a web, desktop and
mobile version, though the the web version is no way as nice as ICICI DIRECT.
Your understanding of the ICICI system is correct. On your GTC orders, the money is blocked before the order is executed. It still earns the 3.5% on your savings
account. You cannot place an order on HDFC Securities or ICICI Direct without having the full cash margin (for Delivery trades it is 100% of the order value) required
for the order blocked in your bank account.
Regards
Samir
@ Samir,
I asked Kotak too. They aren't willing to negotiate. 0.49% brokerage unless I pay upfront margin of Rs 100k or more. Declined as I will incur opportunity cost. No
point in ICICI too as 0.6% is better than having to give away float when I can invest it. As you have said, I've no issues to sell what I've bought yesterday as I don't
sell. Only buying happens. Thanks for the patient answers to my silly queries.
Brokerage Charges
Prepaid Plan Total amount with Cash Margin Futures Options - (Per Lot)
( )
service tax( )
%
%
%
( )
10,000.00
11,236.00 0.45
0.04
0.04
70
25,000.00
28,090.00 0.35
0.035
0.035
55
50,000.00
56,180.00
0.3
0.03
0.03
45
75,000.00
84,270.00 0.25
0.025
0.025
35
100,000.00
112,360.00
0.2
0.02
0.02
25
200,000.00
224,720.00 0.15
0.015
0.015
20
300,000.00
337,080.00 0.12
0.012
0.012
15
Brokerage Charges
Prepaid Plan Total amount with Cash Margin Futures Options - (Per Lot)
( )
service tax( )
%
%
%
( )
10,000.00
11,236.00 0.45
0.04
0.04
70
25,000.00
28,090.00 0.35
0.035
0.035
55
50,000.00
56,180.00
0.3
0.03
0.03
45
75,000.00
84,270.00 0.25
0.025
0.025
35
100,000.00
112,360.00
0.2
0.02
0.02
25
200,000.00
224,720.00 0.15
0.015
0.015
20
300,000.00
337,080.00 0.12
0.012
0.012
15